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Investors bet high on Maharashtra’s textile sector

Investors bet high on Maharashtra’s textile sector
Maharashtra government said on Monday that investment worth Rs 3834 crore have been received in the textile sector, generating employment to 29,220 people in the cotton-growing belt of Vidarbha, Marathwada and North Maharashtra.

State textile minister Mohammed Arif Naseem Khan told reporters that since the new policy was announced in March 2012, 411 proposals have been cleared and Rs 3834 crore have been invested.

The new textile policy called for giving 10 per cent capital subsidy on capital investment to new textile units approved and set up in Vidarbha, Marathwada and North Maharashtra, under the textile policy of 2011-2017.

The textile policy target is to achieve Rs 40,000 crore investment and generate employment for 11 lakh people.

'Approvals are pending for 18 spinning mills in Nagpur, Amravati and Akola regions of Vidarbha which will bring investments worth Rs 2000 crore. Land has already been accquired by the concerned private parties,' he informed.
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